投资于

For fund companies and their employees in investment funds, Fund for the Department of the SFC in June last year issued a "Circular on fund investment in securities investment funds of employees of matters relating to notice", which provides that "the fund management companies should be in the fund contract commencement notice traded funds notice book and related semi-annual report and annual report disclosure of fund employees of the Company held by the Fund's total share and accounted for the only the proportion of the overall share of the Fund."

对基金公司和投资基金，为证监会基金部于去年6月发表了他们的雇员在证券投资基金的通知"的有关通知"的问题员工，投资基金的规定"基金管理公司应当在基金合同生效公告书买卖基金的通知和相关的半年度报告和基金的总份额的基金持有本公司员工年度报告披露和唯一的总份额中所占比重该基金的。"

Especially in the field of management of investment, the social security fund was just allowed to be directly invested in stock market in 2003, the corporation annuity was also formally permitted to directly enter the securities market in 2004. So we are of inexperience whether in the operation of management of investment, the controlling of venture or the capital disposition, etc.

尤其在投资管理方面，社保基金2003年才被允许直接投资股市，企业年金也刚于2004年被正式准许直接进入证券市场，无论在投资管理的运作、风险控制，还是在资产配置等方面都很缺乏经验。

The group shows Alibaba, company of this investment management will be dedicated invest at 2 class market, its held water to enhance Alibaba not only the group is in the actual strength that money endowment manages, and strengthened a group to be opposite of macroscopical environment understand thoroughly force, the fluidity management that strengthens group cash reserve in a bank, short-term investment management and capital risk manage, round to the Babaji in A cash is flowed into, pour out of and put a quantity to undertake making overall plans, on the foundation that assures fluidity, those who achieve cash beneficial result is the biggest change.

阿里巴巴集团表示，该投资管理公司将专注于二级市场投资，其成立不仅增强了阿里巴巴集团在财资管理的实力，而且加强了集团对宏观环境的洞悉力，加强集团现金的流动性管理、短期投资管理和资金风险管理，并对阿里巴巴集团的现金流入、流出以及存量进行统筹规划，在保证流动性的基础上，实现现金效益的最大化。

Group respect expresses Alibaba, company of this investment management will be dedicated invest at 2 class market, its held water to enhance Alibaba not only group assets manages actual strength, and strengthened a group to be opposite of macroscopical environment understand thoroughly force, strengthen management of liquidity of group cash reserve in a bank, short-term investment management and capital risk management, round to the Babaji in A cash is flowed into, pour out of and put a quantity to undertake making overall plans, in assure fluidity foundation to go up, implementation cash benefit is the greatest change.

阿里巴巴集团方面表示，该投资管理公司将专注于二级市场投资，其成立不仅增强了阿里巴巴集团资产管理实力，而且加强了集团对宏观环境的洞悉力，加强集团现金流动性管理、短期投资管理和资金风险管理，并对阿里巴巴集团现金流入、流出以及存量进行统筹规划，在保证流动性基础上，实现现金效益最大化。

Besides adopting venture investment, share investment, ownership of a share displacement, enterprise regroupment and annexation, and various kinds of investment ,our group still fully exerts the strength of our group; makes use of the abundant capital, advanced technology and mature managing principle, and concentrates on Chinese economic developments, which becomes a bridge for economic boundary between China and the USA.

本集团严格遵循国际化、标准化运作模式，除了采取风险投资、股份投资、股权置换、企业重组兼并等多种方式进行投资外，还将充分发挥本集团的优势，运用雄厚的运作资本、先进的科学技术和成熟的管理理念，致力于中国的经济建设，成为架设中美经济界合作的桥梁。

Policy capitals such as structure adjustment capitals, discount funds for high and new technological industry, science and technology outlay, sponsion capitals for medium and small enterprises etc and preferential policies being released by Jiaozuo Municipal Government on encouragement investment later, science and technology development, environment improvement etc are the same with foreign-invested enterprises more than striving for the national and provincial preferential policies actively.

除了积极帮助外商投资企业争取享受国家、省的优惠政策之外，本市结构调整资金、高新技术产业化贴息基金、科技三项经费、中小企业担保资金等政策性资金，以及以后市人民政府出台的鼓励投资、科技开发、环境治理等方面的优惠政策均适用于外商投资企业。

However, we don"t find neither the economies of scale nor the diseconomies of scale in the investment banking industry. What"s more, the scope of Chinese investment banks is too narrow and the income relies on the traditional deals too much, which makes the industry far from the economies of scope.The dissertation starts from restrict-pricing model of Spence and Bain-Sylos and analyzes the mechanism of the strategy of excessive production capacity. And based on the extended dynamic game theory of Dixit the dissertation establishes the dynamic game theory model of capital promise and entry deterrence. The dissertationillustrates the essence of scale strategy of Chinese investment banking industry: Firstly domestic investment banks should optimize the capital structure and the scale expansion by proper financing arrangement.

本文对我国投资银行业的产业绩效进行了实证检验：市场结构、行业规模以及市场总体收益率对行业的利润率具有很强的解释能力，从影响的相对水平来看，集中度的影响要大于市场收益的影响，同时，规模的影响与集中度、市场收益的影响相反；同时，基于规模经济的横截面分析表明，我国投资银行业的经济规模与其绩效之间还不存在明显的关系；而且，我国投资银行业总体上经营范围狭窄，业务内涵单一，在收入构成上过分依赖于传统的三大业务，也远远没有发挥出行业的范围经济优势。

The relationship between trade and FDI depends on what facors induce the investment. Under certain conditions, the relationship between trade and FDI is not monotonous, but a complementary relationship at beginning and then a substitutionary relationship.

为分割生产进行的投资和贸易是替代还是互补关系依赖于引发投资的原因，在特定条件下，贸易和投资的关系不是单调的，而是呈现出先互补后替代的关系。

Yesterday the completion of six key projects the total investment 4 billion, of which yesterday unveiled the investment of 7,000 million, a total area of 232,000 square meters of large industrial park Central Park, is the administrative center of industrial zone District axis major public green and services around the office and living in high-end integrated parks, including the entrance plaza, water stage, cruise ship terminal, Waterfront Park, the path along the cliff, such as glass, set leisure entertainment; combination of the surrounding environment and regional culture built Swallow Ridge Ecological Park covers an area of 510,000 square meters

昨天竣工的6项重点工程总投资4亿元，其中昨天揭牌的投资为7000万元、总面积23.2万平方米的大工业园区中心公园，是大工业区行政中心区轴线内的重要公共绿地和服务于周边办公和生活的高档次综合性公园，包括入口广场、水上舞台、游船码头、滨水公园、玻璃栈道等，集休闲娱乐于一体；结合周边环境和区域文化而建成的燕子岭生态公园占地面积51万平方米

I plant in 1998, invested 450,000 yuan to carry out rectification Glass Furnace using Dust seal antihypertensive treatment after reaching effects, in order to enable wastewater to be fully utilized, I plant in September 2004 to invest 30,000 yuan into two wastewater clarifiers, and take advantage of production in August this year during the overhaul machinery investment of 1.8 million yuan to purchase the primer dust wind equipment, is currently running well and solved the problem of dust pollution, the number of environmental protection investment of about 500,000 yuan.

我厂于 1998 年投入 45 万元对玻璃池炉进行整改，采用水封降压除尘后达到了治理效果，为使废水得到充分利用，我厂于 2004 年 9 月投资 3 万元建成两座废水澄清池，并利用今年 8 月停产检修机器期间投资 1.8 万余元购置了引风除尘设备，目前运行良好，解决了烟尘污染问题，此几项环保投入资金约 50 万元。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。